The S&P 500 Index bounced off the support near $4,103 on Friday. Then, today, the futures market opened up about 0.5%, bringing the index closer to $4,140 (by the way, on Friday, the futures market also opened up by approximately the same amount). Now, we will observe whether the index will overtake its Friday high; if yes, it will bolster the odds of a rebound in the short term (potentially up to somewhere between $4,200 and $4,300). For more clues about the rebound, we will also watch the Chinese stock market as we expect it to go through the relief ahead of the U.S. stocks (as a matter of fact, SSE has already been trending up in the last week, with HSI somewhat lagging). However, if SPX fails to take out its Friday high, accompanied by a spike in the VIX, it will alert us to more downside.
The list of some of the corporations reporting their earnings this week:
- Advanced Micro Devices
AMD
- Airbnb
ABNB
- Apple
AAPL
- Caterpillar
CAT
- CVS Health Corp.
CVS
- HSBC Holdings
HSBC
- McDonalds
MCD
- Pfizer
PFE
- Pinterest
PINS
- Shopify
SHOP
- Stellantis N.V.
STLA
Technical analysis gauge
Daily time frame = Bearish
Weekly time frame = Bearish
*The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of RSI, MACD, Stochastic, DM+-, ADX, and moving averages.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
The list of some of the corporations reporting their earnings this week:
- Advanced Micro Devices
- Airbnb
- Apple
- Caterpillar
- CVS Health Corp.
- HSBC Holdings
- McDonalds
- Pfizer
- Shopify
- Stellantis N.V.
Technical analysis gauge
Daily time frame = Bearish
Weekly time frame = Bearish
*The gauge does not necessarily indicate where the market will head. Instead, it reflects the constellation of RSI, MACD, Stochastic, DM+-, ADX, and moving averages.
Please feel free to express your ideas and thoughts in the comment section.
DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not be a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
Illustration 1.01